Taxation of Gift
This query is : Resolved
15 April 2009
If Assessee receives Gift in Kind is it taxable? What should be entry for accounting Purpose?
15 April 2009
No, gift in kind is not taxable. Accounting entry can be made at the fair value of the object.
15 April 2009
gift in kind is not taxable.
15 April 2009
as per gift tax provisions of I.T Act.. gifts in kind are not taxable, but the receiver of the gift has to prove the routing of the gift in kind....namely the gift deed issued by the person giving the gift confirming the gift and also the source from which he has obtained the item of gift.
gift received in kind is purley capital receipt in the year of receipt. so you can show it in balance sheet opening a seperate account for it, for e.g building received in way of gift. building A/c Dr.... To Capital Account A/c (Being building received by way of gift from ...... vide deed no....dt...)
have a grt day
gift received in kind is purley capital receipt in the year of receipt. so you can show it in balance sheet opening a seperate account for it, for e.g building received in way of gift. building A/c Dr.... To Capital Account A/c (Being building received by way of gift from ...... vide deed no....dt...)
have a grt day
21 April 2009
i support
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- GST ON DAMAGED GOODS
- Specified Profession
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG on ETF gold & silver
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
